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Law Legislation

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    Even as most Americans got ready to face the July 4th holiday weekend traffic, members of the United States Congress had already left town.

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    Don’t you just love political cross dressing? Last night on CNBC my old boss David Stockman was totally root-canalled as he called for higher taxes and lower spending. Right on spending, but wrong on taxes.

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    You need look no further than this morning's news. Congress, at the eleventh hour, passes an extension of the closing date on the home buyer tax credit. It was supposed to expire at midnight last night.

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    A housing sector without Fannie Mae spacer and Freddie Mac is a possibility, Edward J. DeMarco, director of Federal Housing Finance Agency (FHFA), told CNBC Thursday.

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    With the Supreme Court scheduled to hear arguments later this year about whether states should be allowed to regulate the sale of violent video games, you might think game makers would consider dialing down the number of shooter titles.

  • San Francisco

    California has about 225,000 organized state employees—still—and many have been forced to take three-day-a-month furloughs without pay. A few thousand of them converged on the Capitol Wednesday to protest threats by the Governor to impose the $7.25 minimum wage on them starting Thursday. There's no budget, and no solution to the $19.1 billion deficit.

  • Anna Chapman

    Anna Chapman has been called the femme fatale of a spy case with Cold War-style intrigue — a striking redhead and self-styled entrepreneur who dabbled in real estate and mused on her Facebook page, "if you can dream, you can become it." Chapman's American dream, U.S. authorities say, was a ruse.

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    Seizing on a political opportunity, President Barack Obama on Wednesday lashed out at Republicans as out of touch with the daily problems of Americans, hoping to sharpen the contrast with the opposition party as midterm elections loom and economic anxiety still runs high.

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    After analyzing Washington for 35 years, it’s excusable to be a cynic. Actually, it’s mandatory. So let’s try out this extremely cynical premise: the Republicans are deliberately refusing to help unemployed workers or aid the states because they undoubtedly know this will hurt the economy further – and an ailing economy will help their prospects in November.

  • Cody Fonseca (left) and his brother Chris sort through blue crab caught in the Barataria-Terrebonne National Estuary at the La Blue Crab Company on May 3, 2010 in Larose, Louisiana,

    Despite all the skimmers and sweepers, most of the oil leaking into the Gulf of Mexico sinks to the bottom or washes up on the shore and then sinks down in shallow layers below the sand, profoundly restructuring the ecosystem. The change cannot be undone in a lifetime.

  • Vallejo, California Police

    Two years ago, the Bay Area city of 120,000 went into a special kind of bankruptcy reserved for local governments called Chapter 9. It allowed the city of break contracts and suspend debt payments.

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    Lawmakers are now considering ending the $700 billion TARP program early and using some of that money to help fund the new financial overhaul bill, CNBC has learned.  The proposal is being weighed as Democrats scramble to save the legislation.

  • Doug Oberhelman, CEO Elect of Caterpillar

    Taxation on a US corporation’s foreign profits, now on the financial reform table in Congress, is a major concern, incoming CEO of Caterpillar, Doug Oberhelman, told CNBC Tuesday.

  • Sen. Robert Byrd (D-West Virginia) served in the Senate for more than 50 years.

    Sen. Robert Byrd's death Monday morning could affect the passage of the financial reform bill, said Sheila Bair, the chairman of the Federal Deposit Insurance Corporation.

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    There has been much attention paid today to the language in the bill as it applies to the market making function of trading and to the parts of a banks’ derivatives business that must be segregated in a separately capitalized subsidiary.

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    Kate Kelly's insight into why large banks are concerned about language that was taken out of the Volcker Rule because it may cut into their market-making profits, which is at the core of what they do in trading stocks and bonds.

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    Now, with financial reform set to be implemented in Washington, there will be fewer unknown unknowns. This will contribute to a healing of the U.S. credit system. Moreover, the November election is likely to lead to more balance in the House and Senate, which means that the worst of the regulatory cloud and government involvement will soon pass. This could rally risk assets if this viewpoint becomes popular. Still, challenges remain.

  • So what exactly is the real message of the tea parties? And how large an impact will they have on the upcoming elections? These are just a couple of the questions I posed to my old friends Rick Santelli and Lou Dobbs on last night’s Kudlow Report.

  • Government Regulation

    The financial regulation bill agreed upon by Congressional leaders overnight is too weak and will not reform the system, Williams Isaac, former chiarman of the FDIC, told CNBC.

  • President Barack Obama

    President Barack Obama says he's "gratified" by the deal that Congress has worked out on overhauling Wall Street rules.